Yellow Cake
Yellow Cake plc is a Jersey-incorporated, AIM-listed (YCA) and OTCQX-listed (YLLXF) investment vehicle that acquires and holds physical uranium oxide (U3O8) on behalf of investors, providing liquid public-market exposure to the uranium spot price without mining or processing risk.
- Company typePublic
- Founded2018
- HeadquartersLondon, United Kingdom
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Yellow Cake does
Yellow Cake plc is a Jersey-incorporated, AIM-listed (ticker: YCA) and US OTCQX-listed (ticker: YLLXF) public investment vehicle whose entire business proposition is the acquisition and long-term holding of physical uranium oxide concentrate (U3O8). Founded in 2018 and headquartered in St Helier, Jersey, the company provides institutional and retail investors with liquid, publicly-quoted exposure to the uranium spot price without taking on the operating risks associated with exploration, development, mining, conversion or processing. By 31 March 2026 the company held 23.11 million pounds of U3O8 valued at approximately $1.94 billion, with an estimated NAV per share of £6.33 (up 5.0% quarter-on-quarter).
The operating model is structurally simple and asset-light. Yellow Cake holds no proprietary mining or processing technology; instead, it sources uranium via annual purchase options granted by long-term partner Kazatomprom (the world's largest uranium producer) and stores the resulting inventory in licenced metal-drum accounts at Cameco's Port Hope/Blind River facility in Canada and Orano's Malvési/Tricastin site in France, both operating under ISO 14001 and ISO 45001 / OHSAS 18001 certified management systems. Each annual Kazatomprom option exercise is funded by a dedicated underwritten share placement, with prior raises including a $125 million placement in September 2023 and a $175 million upsized placement in September 2025. The capital-markets infrastructure is anchored by Canaccord Genuity (Nominated Adviser and Joint Broker), Joh. Berenberg (Joint Broker) and Citibank Europe (principal banker), with sell-side research coverage spanning Bank of America, Berenberg, Canaccord, Cantor Fitzgerald, Panmure Liberum, RBC Capital Markets and Citigroup.
Yellow Cake's revenue model is capital appreciation on its physical U3O8 holdings rather than fee-based or transactional revenue. NAV moves one-for-one with the uranium spot price net of storage, governance and administrative costs; the company does not generate conventional operating revenue. Its shareholder base is broad and predominantly institutional, with significant disclosed holdings from Van Eck Global (9.45%), Global X Management Company (7.16%), Plenisfer Investments (7.13%), azValor Asset Management (6.59%), ALPS Advisors (4.73%), Kopernik Global Investors (4.65%), Interactive Brokers (3.83%), Columbia Management Investment Advisers (3.75%), Hargreaves Lansdown (3.11%) and Brandes Investment Partners (3.09%), and only 2.01% of issued share capital not in public hands as at 31 March 2026. CEO Andre Liebenberg and Chief Commercial Officer Dustin Garrow lead a lean team of 1–10 employees, supported by an external professional service stack (Linklaters, Mourant Ozannes, RSM UK Audit, Sodali & Co, Langham Hall, Link Market Services).
Yellow Cake firmographics
Firmographics- Name
- Yellow Cake
- Legal name
- Yellow Cake plc
- Website
- https://yellowcakeplc.com
- Company type
- Public
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Yellow Cake plc is a Jersey-incorporated, AIM-listed (YCA) and OTCQX-listed (YLLXF) investment vehicle that acquires and holds physical uranium oxide (U3O8) on behalf of investors, providing liquid public-market exposure to the uranium spot price without mining or processing risk.
- Ownership category
- akta.pro rank
Yellow Cake industry classification
Industry- Product category
- Uranium Investment Vehicle
- NAICS
- Crushed and Broken Limestone Mining and Quarrying (212312), Support Activities for Mining (2131)
- SIC
- Bituminous Coal & Lignite Mining (1220), Mineral Royalty Traders (6795)
- akta.pro primary industry
- Uranium Mining & Milling (Yellowcake/U3O8 Production) (EUAKACAB)
- akta.pro secondary industry
- Uranium Exploration & Resource Development (EUAKACAA)
Keywords
Where Yellow Cake is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices6 records
Markets served
Yellow Cake business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Marketing or Sales, Others, Infrastructure
Revenue model
- Capital appreciation from physical U3O8 holdings: Yellow Cake generates returns for shareholders via appreciation of its physical uranium oxide (U3O8) holdings as the uranium spot price rises. NAV per share increased 5.0% to £6.33 in Q1 2026. The Company periodically raises new equity capital through share placements to fund additional uranium purchases.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Pay-as-you-go | NAV per share £6.33 as of Q1 2026 |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels9 records
Yellow Cake product offering
Product offeringCore offering
Yellow Cake plc is a publicly quoted investment vehicle whose core strategy is to buy and hold physical uranium oxide concentrate (U3O8), providing shareholders with liquid, long-term exposure to the uranium spot price without the operating risks associated with exploration, development, mining or processing. The company acquires U3O8 primarily through recurring annual purchase options with Kazatomprom (the world's largest uranium producer), stores the physical inventory in metal drums at licenced third-party facilities operated by Cameco in Canada and Orano in France, and funds additional acquisitions through periodic underwritten share placements on London's AIM market and the US OTCQX Best Market.
Product overview
Yellow Cake plc operates a single, unified business proposition rather than a platform-plus-modules product architecture: it acquires and holds physical uranium oxide concentrate (U3O8) on behalf of investors, with the headline product being its long-term physical uranium holding strategy. That core strategy is operationalised through a recurring set of supporting activities — notably the annual Kazatomprom uranium purchase options (which give access to material volumes of U3O8 at market prices) and a series of dedicated capital-raising programmes that fund each option exercise and opportunistic additional acquisitions. Around these, Yellow Cake maintains an investor communications suite (monthly investor presentations, quarterly operating updates, interim and annual reports and CEO commentary) and an ESG / Supplier Standards Programme that conducts due diligence on its primary suppliers (Kazatomprom, Cameco, Orano) and storage partners. The company explicitly does not engage in mining, processing or inventory handling itself; instead it provides investors with liquid exposure to the uranium spot price via a publicly quoted vehicle.
Differentiator
Problem solved
Functional benefit
Products and services
- Physical U3O8 holding strategy (investment vehicle) A specialist investment vehicle whose core strategy is to buy and hold physical uranium oxide concentrate (U3O8), providing shareholders with liquid, long-term exposure to the uranium spot price without the operating risks of exploration, development, mining or processing. Physical inventory is held in metal drums at licenced third-party storage facilities operated by Cameco in Canada and Orano in France.
Companies that use Yellow Cake
Customer profileNamed customers3 records
Segments4 records
Ideal customer profiles4 records
Yellow Cake technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Yellow Cake partnerships and signals
Strategic signalPartnerships
Twelve partnerships are on record, tiered flagship, core, significant and minor.
- KazatompromflagshipYellow Cake's long-term partnership with Kazatomprom (the world's largest uranium producer) is a key strategic advantage that provides access to material volumes of uranium at the prevailing market price. Yellow Cake exercises annual options with Kazatomprom (e.g., 2021, 2022, 2023, 2025, and 2026 Kazatomprom option exercises) funded by periodic share placements. Kazatomprom also operates radiation monitoring and safe working practices for Yellow Cake-related supply.
- CamecocoreYellow Cake's U3O8 is stored in metal drums at Cameco's Port Hope/Blind River operation in Canada under licenced storage arrangements. Cameco's management systems adhere to national regulations and align with OHSAS 18001 / ISO 45001 and ISO 14001; systems regularly monitored by independent bodies.
- OranocoreYellow Cake's U3O8 is stored in metal drums at Orano's Malvési/Tricastin site in France under licenced storage arrangements. Orano's management systems adhere to national regulations and align with OHSAS 18001 / ISO 45001 and ISO 14001; systems regularly monitored by independent bodies.
- Interactive BrokerssignificantHolds 9,672,569 shares (3.83% of issued share capital excluding treasury shares) as at 31 March 2026 via its EO (Electronic Order) book; provides brokerage access for retail and professional investors to OTCQX-traded Yellow Cake shares.
- Hargreaves LansdownsignificantStockbroker holding 7,869,162 shares (3.11% of issued share capital excluding treasury shares) as at 31 March 2026; UK retail platform providing investor access to Yellow Cake shares.
- Linklaters LLPcoreLegal Advisor to Yellow Cake on English and US law, based at One Silk Street, London EC2Y 8HQ.
- Mourant OzannescoreJersey solicitors to Yellow Cake, based at 22 Grenville Street, St Helier, Jersey JE4 8PX.
- RSM UK Audit LLPcoreStatutory auditor to Yellow Cake plc, based at 25 Farringdon Street, London EC4A 4AB.
- Link Market Services (Jersey) LimitedcoreShare registrar to Yellow Cake plc, based at IFC 5, St Helier, Jersey JE1 1ST.
- Sodali & CocoreMedia Advisor to Yellow Cake plc, based at 1 Tudor Street, London EC4Y 0AH; media contact: Peter Ogden (+44 (0)7793 858 211).
- Langham HallcoreAppointed administrator to Yellow Cake plc; based at 3rd Floor, Gaspé House / Liberation House, Castle Street, St Helier, Jersey, JE1 2LH. Also oversees compliance with the Company's privacy notice.
- Ince International Limited (Ince)minorPublishes the pages of the Yellow Cake plc website on behalf of the Company; registered at Bank House, 81 St Judes Road, Englefield Green, Surrey, TW20 0DF.
Scale indicators9 records
Recent moves5 records
Expansion highlights5 records
Yellow Cake competitors and assessment
Company assessmentBroad incumbents
- Cameco Corporation: The world's largest pure-play uranium producer and a Yellow Cake storage partner at Port Hope/Blind River; offers overlapping uranium exposure but adds mining, conversion and fuel-services operating risk, making it a broader-incumbent alternative for uranium-thematic investors.
- Kazatomprom: The world's largest uranium producer and Yellow Cake's flagship supply partner; provides investor exposure to U3O8 through equity ownership, but with full operating, jurisdictional and political risk of in-situ leach mining in Kazakhstan — a wider-incumbent alternative to Yellow Cake's pure-financial exposure.
Emerging players
- ANU Energy: A privately held physical-uranium holding vehicle (originally backed by a Yellow Cake cornerstone) that acquires and stores U3O8 on behalf of investors — directly comparable buy-and-hold model and target investor base, though smaller and earlier-stage than Yellow Cake.
- Paladin Energy: Australian-listed uranium producer restarting the Langer Heinrich mine in Namibia; offers leveraged U3O8 exposure with operating risk, and is a comparable source of CCO Dustin Garrow's prior industry experience.
- Denison Mines: Canadian uranium developer with a key stake in the high-grade Wheeler River project; provides development-stage U3O8 exposure and competes with Yellow Cake for North American uranium-thematic investors.
- Uranium Energy Corp: One of the largest US-focused ISR uranium producers and developers; competes with Yellow Cake for uranium-thematic flow but adds US-jurisdictional operating risk and a development-stage growth profile.
- Berkeley Energia: Developer of the Salamanca uranium project in Spain; provides European-jurisdictional U3O8 exposure as an alternative to Yellow Cake for investors wanting asset-level, geographically European exposure to the nuclear renaissance.
- Energy Fuels Inc: A US-focused uranium and rare earths producer with conventional and ISR assets, plus uranium conversion capability at the White Mesa Mill; offers a more operationally geared US-centric uranium play that competes for the same thematic investor capital.
- NexGen Energy: Developer of the Arrow deposit in the Athabasca Basin; offers long-dated, project-level U3O8 exposure as a development-stage alternative to Yellow Cake's cash-and-carry physical model.
Direct peers
- Sprott Physical Uranium Trust: The most direct comparable: a listed trust that holds physical uranium and offers investors liquid exposure to U3O8 without taking on mining operating risk — virtually the same proposition as Yellow Cake, with a similar buy-and-hold model and uranium-backed NAV.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Yellow Cake social profiles
Digital presenceYellow Cake compliance and trust
Trust signalCompliance6 records
Yellow Cake financial estimates
Financial estimateRevenue estimate
Valuation estimate
Yellow Cake leadership team
Management profileNumber of profiles
Profiles2 records
Yellow Cake funding detail
Funding detailFunding overview
Funding rounds3 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Yellow Cake M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Yellow Cake
What does Yellow Cake do?
Yellow Cake plc is a publicly quoted investment vehicle whose core strategy is to buy and hold physical uranium oxide concentrate (U3O8), providing shareholders with liquid, long-term exposure to the uranium spot price without the operating risks associated with exploration, development, mining or processing. The company acquires U3O8 primarily through recurring annual purchase options with Kazatomprom (the world's largest uranium producer), stores the physical inventory in metal drums at licenced third-party facilities operated by Cameco in Canada and Orano in France, and funds additional acquisitions through periodic underwritten share placements on London's AIM market and the US OTCQX Best Market.
Is Yellow Cake a public or private company?
Yellow Cake is a public company. It is classified as public and is currently operating.
When was Yellow Cake founded?
Yellow Cake was founded in 2018. It employs 1 to 10 people.
Where is Yellow Cake based?
Yellow Cake is headquartered in London, United Kingdom, in the Europe region.
How does Yellow Cake make money?
One revenue line is on record: capital appreciation from physical U3O8 holdings.
Who are Yellow Cake's main competitors?
Broad incumbents on record are Cameco Corporation and Kazatomprom. Emerging players are ANU Energy, Paladin Energy, Denison Mines, Uranium Energy Corp, Berkeley Energia, Energy Fuels Inc and NexGen Energy. Sprott Physical Uranium Trust is listed as a direct peer.
Does Yellow Cake have an API?
No public API is recorded for Yellow Cake.
What industry is Yellow Cake in?
Yellow Cake's product category is Uranium Investment Vehicle. Its primary akta.pro industry code is EUAKACAB, Uranium Mining & Milling (Yellowcake/U3O8 Production), with a secondary code of EUAKACAA, Uranium Exploration & Resource Development. Its NAICS code is 212312 and its SIC code is 1220.